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Part I Responses to the Covid-19 Crisis and Maintenance of Financial Stability, 6 Safeguarding Financial Stability in China: Legal and Institutional Framework »

Bo Li, Pengyu He
From: International Monetary and Banking Law post COVID-19
Edited By: William Blair, Christos Gortsos, Chiara Zilioli
This chapter covers the legal and institutional framework for safeguarding financial stability in China. In recent years, based upon China’s domestic circumstances and international best practices, the Chinese government has substantially reformed China’s financial stability institutional framework by (i) strengthening the overall coordination of financial stability work; (ii) improving the macroprudential policy framework; (iii) further rationalizing the financial regulatory systems and (iv) enhancing resolution mechanisms. The proposed "Draft Financial Stability Law" would further bolster China’s legal and institutional framework for financial stability by (i) strengthening the legal foundation of the coordination mechanism for financial stability; (ii) putting the central bank’s critical role in the macroprudential policy framework on a firmer legal footing and (iii) upgrading the legal framework for systemic risk resolution. Future reforms should continue to improve China’s financial regulatory systems and promote the appropriate separation of prudential supervision and conduct supervision.